Australia's retirement savings system grew to $2.1 trillion by the middle of 2016, according to new statistics published by APRA.
In its Annual Superannuation Bulletin, released yesterday, APRA revealed total assets hit $2.1 trillion as at 30 June 2016.
Of that total, $621.7 billion (29.6 per cent) was held in SMSFs and $1.29 trillion was held by APRA regulated superannuation entities.
The remaining $185.5 billion comprised exempt public sector superannuation schemes ($132.2 billion) and the balance of life statutory funds ($53.3 billion).
Retail funds held 26 per cent of the total $2.1 trillion; industry funds held 22.2 per cent; public sector funds held 17 per cent and corporate funds held 2.6 per cent.
As at 30 June 2016, there were 144 APRA-regulated RSE licensees responsible for managing funds with more than four members.
Of the funds with more than four members, the annual rate of return for the year ended June 2016 was 2.9 per cent. The five-year average annualised rate of return to June 2016 was 7.4 per cent and the 10-year rate of return was 4.6 per cent.
Australian superannuation members paid $11.72 billion in fees for the 12 months to 30 June 2016, according to APRA.
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